Gloucestershire accountants Hazlewoods has launched a campaign to help businesses export with confidence.
The campaign. #ExpertsinExport supports the government’s ambition to grow exports from 30 to 35 per cent of GDP, outlined in its recent export strategy.
[Read Business & Innovation Magazine’s special feature on exporting in our January issue]
Research from the Department for International Trade (DIT) explored the behaviours, attitudes and needs of exporting businesses. This research highlights the importance of developing contacts and ‘networks’ for firms to achieve their export potential and reveals that a lack of knowledge on tax issues can be a barrier.
Scott Lawrence, Hazlewoods Partner, said: “We understand the importance of establishing networks of knowledgeable contacts here at home and in the destination countries of exporting firms.
“Since the 1980s, we’ve been an independent member of the HLB accounting network, which means we can introduce our clients to trusted experts in more than 150 countries.
“When Government research identified that ‘limited networks and contacts’ is a barrier according to 63 per cent of firms, that really struck a chord. Lack of knowledge is also perceived to be holding back some potential exporters and an understanding of tax issues is a big concern.”
From its base in Stroud, Omnitrack, original inventors and manufacturers of ball transfer units, exports to 56 countries worldwide with 40 per cent of everything it makes going to North and South America. Managing Director, John Cabrini-Dale, explained how when working remotely across countries, it is important to have the right people in place, particularly when you are supplying such a high-end product. “Our ball transfer units are the Rolls-Royce of the industry, we have worked hard to develop a business that now supplies to NASA, CERN, the nuclear and aviation industries and much more. Having a firm that we trust in the UK introduce us to quality advisers in other countries takes the stress away for us, so we can continue doing what we do best.”
Tom Woodcock, Hazlewoods Tax Partnre, said: “We’re launching #ExpertsInExport as a rallying call to take up the expert support available for firms that are new to exporting, or those who already export and see the potential for increased international trade. We will be sharing tips and insights drawing upon the expertise of the Hazlewoods team and colleagues in our international network.”
Findings from the DIT National Survey of Registered Businesses’ Exporting Behaviours, Attitudes & Needs 2017, £500k+ Small and Medium Businesses Report:
- 63 per cent of £500k+ businesses perceived access to contacts, customers and the right networks as a moderate or strong barrier to export
- More than half perceived lack of knowledge as a moderate or strong barrier to export
- Among those businesses which said knowledge was a barrier, specific knowledge-related factors included:
- Knowledge of legal issues (66%)
- Understanding overseas clients in terms of their language or culture (59%)
- Knowledge of customs and tariffs (56%)
- Knowledge of tax issues (56%)
- Knowledge of competitors in overseas markets (54%)
- Knowledge of how to obtain export or import licenses (54%)